ORBCOMM Target of Unusually High Options Trading (NASDAQ:ORBC)

ORBCOMM Inc. (NASDAQ:ORBC) was the target of unusually large options trading on Thursday. Traders acquired 48,827 call options on the stock. This is an increase of approximately 2,812% compared to the typical daily volume of 1,677 call options.

Several brokerages have issued reports on ORBC. Zacks Investment Research upgraded ORBCOMM from a “hold” rating to a “buy” rating and set a $8.75 target price on the stock in a research note on Thursday, March 18th. Northland Securities boosted their target price on ORBCOMM from $6.00 to $10.00 in a research note on Monday, December 21st. Raymond James boosted their target price on ORBCOMM from $8.00 to $10.00 and gave the company a “strong-buy” rating in a research note on Wednesday, March 3rd. Canaccord Genuity lowered ORBCOMM from a “buy” rating to a “hold” rating and decreased their price objective for the company from $13.00 to $11.50 in a research note on Thursday. Finally, Craig Hallum boosted their price objective on ORBCOMM from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, February 24th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $10.29.

Shares of NASDAQ:ORBC traded up $3.94 during midday trading on Thursday, reaching $11.51. 3,569,115 shares of the company traded hands, compared to its average volume of 1,428,947. The company has a quick ratio of 2.37, a current ratio of 2.93 and a debt-to-equity ratio of 1.12. ORBCOMM has a 12 month low of $2.12 and a 12 month high of $9.25. The firm has a market capitalization of $910.26 million, a price-to-earnings ratio of -41.00 and a beta of 1.39. The firm’s fifty day moving average price is $7.69 and its two-hundred day moving average price is $6.50.

ORBCOMM (NASDAQ:ORBC) last posted its earnings results on Wednesday, February 24th. The technology company reported ($0.04) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.03. ORBCOMM had a negative return on equity of 9.49% and a negative net margin of 8.52%. The business had revenue of $63.81 million during the quarter, compared to analysts’ expectations of $61.82 million. Analysts forecast that ORBCOMM will post -0.32 earnings per share for the current year.

In other ORBCOMM news, CFO Constantine Milcos sold 8,394 shares of the business’s stock in a transaction on Monday, March 8th. The stock was sold at an average price of $7.02, for a total value of $58,925.88. Following the sale, the chief financial officer now directly owns 104,008 shares in the company, valued at $730,136.16. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP John J. Stolte, Jr. sold 5,441 shares of the business’s stock in a transaction on Monday, March 8th. The shares were sold at an average price of $7.02, for a total value of $38,195.82. Following the completion of the sale, the executive vice president now owns 149,327 shares in the company, valued at $1,048,275.54. The disclosure for this sale can be found here. 6.74% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC grew its position in ORBCOMM by 39.7% during the fourth quarter. Renaissance Technologies LLC now owns 1,739,405 shares of the technology company’s stock worth $12,906,000 after buying an additional 494,412 shares in the last quarter. Monarch Partners Asset Management LLC grew its position in ORBCOMM by 46.1% during the fourth quarter. Monarch Partners Asset Management LLC now owns 740,088 shares of the technology company’s stock worth $5,491,000 after buying an additional 233,695 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in ORBCOMM by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 510,298 shares of the technology company’s stock worth $3,787,000 after buying an additional 5,532 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of ORBCOMM by 568.0% in the 4th quarter. JPMorgan Chase & Co. now owns 404,000 shares of the technology company’s stock worth $2,997,000 after purchasing an additional 343,518 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of ORBCOMM in the 4th quarter worth about $2,352,000. Institutional investors and hedge funds own 68.12% of the company’s stock.

About ORBCOMM

ORBCOMM Inc provides Internet of Things solutions in the United States, South America, Japan, Europe, and internationally. The company offers network connectivity, devices, device management, and web reporting applications that are designed to track, monitor, control, and enhance security for various assets, such as trailers, trucks, rail cars, sea containers, power generators, fluid tanks, marine vessels, diesel or electric powered generators, oil and gas wells, pipeline monitoring equipment, irrigation control systems, and utility meters in transportation and supply chain, heavy equipment, fixed asset monitoring, and maritime industries, as well as for governments.

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